business
Monday Sep 19 2022
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KSE-100 dragged down by heavy rupee depreciation

A file picture of the Pakistan Stock Exchange main building in Karachi. — AFP/File
A file picture of the Pakistan Stock Exchange main building in Karachi. — AFP/File

  • Continuous depreciation prompted renewed stock selling.
  • KSE-100 closes at 41,520.59 points.
  • Shares of 331 companies were traded during the session. 


KARACHI: The Pakistan Stock Exchange (PSX) once again plunged into the red zone as the latest round of rupee depreciation pushed the benchmark index down by over 150 points on Monday.

The rupee dropped to 237.91 after losing Rs1.07 (or 0.45%) in the interbank market as it inches closer to an all-time low of 239.94 hit on July 28.

The continuous depreciation prompted renewed stock selling as investors reacted with panic to the latest developments. As a result, the KSE-100 index, after a brief upward opening, dropped to an intra-day low of 41,504.64 points.

The benchmark KSE-100 index fell over 150 points in immediate reaction to the rupee's fall, stockbrokers said. The rupee depreciation is badly impacting the earnings of companies listed at the PSX.

At close, the benchmark KSE-100 index closed at 41,520.59 points with a decrease of 158.90 points or 0.38%.

A report from Arif Habib Limited stated that the PSX closed down on the day having failed to regain the 42,000 level after a bullish opening.

“Big week for global rates with the US Federal Reserve expected to hike rates by at least 75 basis points sentiments remained in check,” the brokerage house stated.

It stated that the Pakistani rupee continued to lose ground against the USD despite Saudi Fund for Development rolling over $3 billion for a year.

Shares of 331 companies were traded during the session. At the close of trading, 93 scrips closed in the green, 215 in the red, and 25 remained unchanged.

Overall trading volumes rose to 148.21 million shares compared with Friday's tally of 219.35 million. The value of shares traded during the day was Rs7.5 billion.

TRG Pakistan Limited was the volume leader with 24.72 million shares traded, gaining Rs2.15 to close at Rs118.34. It was followed by TPL Properties with 11.39 million shares traded, gaining Rs0.54 to close at Rs19.61 and Hascol Petroleum with 10.78 million shares traded, losing Rs0.12 to close at Rs6.80.